Criminal network busted: online investment fraudsters arrested
Criminal investigators have carried out searches and seizures at an online investment fraud gang and arrested a suspect.
(Image: Oleksiy Mark/Shutterstock.com)
Europol has coordinated an operation against a criminal network that commits online investment fraud. Law enforcement officers searched eight locations simultaneously in Albania, Israel and Cyprus on Tuesday this week. The authorities seized evidence for further investigation, including electronic devices, documents and cash. One suspect was also arrested in Cyprus with the aim of extraditing him to Germany.
This is the second operation in cases of online investment fraud in which the perpetrators defrauded more than 100 victims of more than 3Â million euros. The scam was perfidious, as Europol explained in a statement: victims initially made small transfers and were then urged to invest larger amounts of money. The perpetrators manipulated the victims with fake charts and fictitious profits. Criminals posed as investment brokers and used psychological tricks to get the victims to transfer substantial amounts of money. However, the fraudsters never invested the money, but rather put it in their pockets.
Prolonged investigations
German authorities launched the investigation after a married couple fell victim to the scam. The investigation revealed a larger criminal network. The first searches against the criminal gang took place in Belgium and Latvia in September 2022. Two suspects were arrested at the time and important evidence was secured. This allowed seven more members of the network to be identified, including the managers of call centers used to defraud victims.
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In addition to Europol, Eurojust also helped out to ensure legal cooperation across borders. The investigations are still ongoing. From Germany, the Department for Combating Cybercrime of the public prosecutor's office at Itzehoe District Court and the LKA Kiel are involved. Law enforcement officers from Albania, Israel, the United Kingdom and Cyprus are also involved.
In mid-April, Europol even reported more than 230 arrests in drug raids. The criminal investigators tracked down the suspects based on findings from cracked messaging services.
(dmk)
